Annapolis, MD—Attorney General Brian Frosh joined Connecticut, New York, and New Jersey to file a lawsuit against the Trump administration to protect Maryland and its taxpayers from the GOP tax scam, which drastically reduces the State and Local Tax (SALT) deduction. This year, Hogan refused to fund the team within the Office of the Attorney General that is fighting to hold the Trump administration accountable and fight for Marylanders in court. Democrats passed legislation to protect Frosh’s authority to defend Marylanders against the Trump administration in court from Hogan’s interference.
As a result of the GOP tax scam, half a million Maryland families will see their taxes go up by nearly $12,000 per year. The billionaire tax cut will also have secondary effects on Maryland’s economy, leading to decreased property values and reduced education funding.
“Maryland taxpayers are fortunate to have Attorney General Frosh fighting back against Republicans’ attempts to use Maryland as a piggy bank,” said Maryland Democratic Party Chair Kathleen Matthews. “Instead of standing up for Marylanders against this tax bill, Larry Hogan has fought tooth-and-nail to stop Attorney General Frosh from defending Maryland taxpayers.”
Despite Republicans’ promises that the tax bill would create jobs, companies are using their tax cuts to reward their wealthy investors with nearly $500 billion in stock buybacks since January of this year:
|
Corporation |
Share Buyback Amount Announced in 2018 (Billions) |
Date |
|
$100 |
1-May |
|
|
$25 |
14-Feb |
|
|
$22.6 |
23-Jan |
|
|
$17.6 |
6-Jun |
|
|
$15 |
13-Feb |
|
|
$12 |
12-Apr |
|
|
$12 |
1-Feb |
|
|
$10 |
21-May |
|
|
$10 |
15-Feb |
|
|
$10 |
1-Feb |
|
|
$9 |
25-Apr |
|
|
$8.8 |
9-May |
|
|
$8.6 |
1-Feb |
|
|
$8 |
21-May |
|
|
$8 |
25-Apr |
|
|
$7.5 |
1-Feb |
|
|
$6 |
14-Feb |
|
|
$6 |
31-Jan |
|
|
$6 |
1-Feb |
|
|
$6 |
26-Apr |
|
|
$5 |
30-Apr |
|
|
$5 |
14-Feb |
|
|
$5 |
26-Jan |
|
|
$4 |
24-May |
|
|
$4 |
5-Apr |
|
|
$3.5 |
12-Feb |
|
|
$3.3 |
14-Feb |
|
|
$3 |
6-Jun |
|
|
$3 |
24-May |
|
|
$3 |
28-Feb |
|
|
$3 |
5-Jan |
|
|
$3 |
24-Apr |
|
|
$2.8 |
27-Feb |
|
|
$2.7 |
12-Apr |
|
|
$2.56 |
18-Apr |
|
|
$2.5 |
11-Jun |
|
|
$2.5 |
23-Jan |
|
|
$2.4 |
8-May |
|
|
Announced Buybacks $2 Billion or Less |
$106.9
|
|
|
TOTAL Corporate Buybacks Authorized in 2018 |
$477 Billion |